New York S 3532: Relates to providing an asbestos remediation tax credit

Bill Text

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S03532 Summary:

BILL NOS03532 

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SAME ASNo Same As

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SPONSORORTT

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COSPNSR

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MLTSPNSR

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Add §§23-a & 187-s, amd §§210-B & 606, Tax L

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Provides an asbestos remediation tax credit; allows for a twenty percent credit of all eligible costs which are incurred as a result of asbestos remediation, not to exceed $1,000,000.

Go to top S03532 Actions:

BILL NOS03532 

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01/28/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS03532 Committee&nbspVotes:

Go to topS03532 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03532 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3532

 2025-2026 Regular Sessions

 IN SENATE

 January 28, 2025
 ___________

 Introduced by Sen. ORTT -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to providing an asbestos reme-
 diation tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 23-a to read
 2 as follows:
 3 § 23-a. Asbestos remediation credit. (a) Definitions. As used in this
 4 section, the following terms shall have the following meanings:
 5 (1) Qualified structure. "Qualified structure" shall mean (i) a build-
 6 ing, principally used by the taxpayer for residential, industrial,
 7 commercial, recreational or environmental conservation purposes, and
 8 (ii) which was originally placed in service at least twenty-five years
 9 prior to the taxable year in which the credit is claimed.
 10 (2) Eligible costs. "Eligible costs" shall mean all amounts properly
 11 chargeable to a capital account, which are incurred in direct connection
 12 to asbestos remediation of a qualified asbestos project.
 13 (3) Qualified asbestos project. "Qualified asbestos project" shall be
 14 an asbestos project as defined in section nine hundred one of the labor
 15 law and undertaken by the taxpayer, on a qualified structure, and
 16 completed pursuant to the applicable regulations at part fifty-six of
 17 title twelve of the official compilation of rules and regulations of the
 18 state.
 19 (b) Asbestos remediation credit. (1) Allowance of credit. A taxpayer
 20 who has undertaken a qualified asbestos project on a qualified struc-
 21 ture, and who is subject to tax under article nine, nine-A or twenty-two
 22 of this chapter, shall be allowed a credit against such tax, pursuant to
 23 the provisions referenced in subdivision (c) of this section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07071-01-5

 S. 3532 2

 1 (2) Amount of credit. The amount of the credit shall be twenty percent
 2 of all eligible costs which are incurred in the taxable year, as a
 3 result of asbestos remediation with a completed qualified asbestos
 4 project. The credit shall be allowed for the taxable year in which the
 5 qualified asbestos project is first commenced and for the next two
 6 succeeding taxable years. The credit authorized pursuant to this section
 7 shall not exceed the total sum of one million dollars for the three
 8 taxable years allowed and claimed. The costs, expenses and other amounts
 9 for which a credit is allowed and claimed under this subdivision shall
 10 not be used in the calculation of any other credit allowed under this
 11 chapter.
 12 (c) Cross-references. For application of the credit provided for in
 13 this section, see the following provisions of this chapter:
 14 Article 9: Section 187-s.
 15 Article 9-A: Section 210-B, subdivision 61.
 16 Article 22: Section 606, subsections (i) and (bbb).
 17 § 2. The tax law is amended by adding a new section 187-s to read as
 18 follows:
 19 § 187-s. Asbestos remediation credit. 1. Allowance of credit. A
 20 taxpayer shall be allowed a credit, to be computed as provided in
 21 section twenty-three-a of this chapter, against the taxes imposed by
 22 this article. Provided, however, that the amount of such credit allow-
 23 able against the tax imposed by section o